While the Twitter board initially opposed Musk’s offer to buy the platform, it appears to have changed its mind, “adopting a so-called poison pill defence against any unwanted takeover approach.” Musk reportedly met with Twitter’s shareholders after the Tesla CEO filed funding details for his bid.
According to the people who spoke on the condition of anonymity because they were not authorised to discuss confidential information, Twitter’s board was negotiating with Mr. Musk into the early hours of Monday over his unsolicited bid to buy the company, after he began lining up $46.5 billion in financing for the offer last week.
According to the two parties, they were discussing details such as a timeline for closing any potential deal and any fees that would be paid if an agreement was signed and then fell apart.
According to the sources, the discussions came after a Twitter board meeting to discuss Mr. Musk’s offer. Obtaining financing commitments was a watershed moment in how the board viewed Mr. Musk’s bid of $54.20 per share, allowing the company’s 11 board members to seriously consider his offer, according to the people.
In premarket trading, Twitter’s stock rose more than 5% to around $51.50 per share.
According to reports, Twitter is nearing a deal to sell itself to Tesla CEO Elon Musk for $54.20 per share in cash, just days after he offered to buy the microblogging site.
According to people familiar with the situation, Elon Musk initially offered $54.20 per share to the social media company and referred to it as his “best and final offer.”
Musk announced an offer to buy the social media company for $54.20 per share, or approximately $43 billion, last week. He did not say how he planned to finance the acquisition at the time.
